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Hines Acquires Industrial Property At 1220 Us Route 301 In Tampa For $46M

Property Image
SOLD
$46,000,000
Mike Davis
+ 2

Florida

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Industrial1,300,000 SF
Sold 10/02/2023
the dealplayerscompscontact
Property Image
SOLD

Hines Acquires Industrial Property At 1220 Us Route 301 In Tampa For $46M

1220 Us Route 301

See Similar Deals
Industrial1,300,000 SF
Sold 10/02/2023
Mike Davis
+ 2
Contact now

Summary

FLORIDA
Asset Type:Industrial
Price Per Square Foot:$35
Total Square Footage:1,300,000 SF
Transaction Type:Sale

A 390,711 square foot industrial property located at 1220 Us Route 301 in Tampa has been sold for $46,000,000. The property was purchased by Hines from High Street Logistics Properties. The sale price equates to a price per square foot of $118.

Summary of transaction details

  • Property Type: Industrial
  • Transaction Amount: $46,000,000
  • SF: 390,711
  • PPSF: $118
  • Address: 1220 Us Route 301, Tampa

The transaction was facilitated by the brokers Mike Davis, Rick Brugge, Rick Colon, Chloe Strada, and Dominic Montazemi of Cushman & Wakefield.

Players

Dominic Montazemi
90 deals$4.2B volume
BROKER

Mike Davis
Cushman & Wakefield
65 deals$3.6B volume
BROKER

Rick Brugge
Cushman & Wakefield
65 deals$2.8B volume
BROKER

Rick Colon
Cushman & Wakefield
55 deals$2.7B volume
BROKER


Hines
BROKERAGE

Hines
BUYER


Details

SOLD
IMAGE: Dominic Montazemi, Rick Colon, Mike Davis, Chloe Strada & Rick Brugge DATE: 10/02/2023 ADDRESS: 1220 Us Route 301 MARKET: Tampa ASSET TYPE: Industrial BUYER: Hines (@Hines) SELLER: High Street Logistics Properties BROKERS: Mike Davis, Rick Brugge, Rick Colon (@TheRealRickColon), Chloe Strada (@Chloestrada) & Dominic Montazemi (@DFMontazemi) - Cushman & Wakefield (@CushWake) SALE PRICE: $46,000,000 SF: 390,711 ~ PPSF: $118

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$2,453,333.33

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$163,428.29
Cash-on-Cash Return-1.27%
Monthly Debt Service$218,063.47
Annual Debt Service$2,616,761.62